Road Safety Market: Global Industry Analysis and Forecast (2021-2027)

Road Safety Market size was valued at US$ 2.88 Bn. in 2020 and the total revenue is expected to grow at 12.4 % through 2021 to 2027, Road Safety Market is reaching nearly US$ 6.53 Bn. by 2027.

Road Safety Market Overview:

The use of road safety solutions has expanded with the number of traffic accidents, fuelling the growth of the Road Safety Market. The Road Safety Market is driven by a growing urban population and high demographic rates, rapid motorization, growth in the number of road fatalities/accidents, and government efforts to promote road safety. The Global Road Safety Market research offers a comprehensive analysis of the industry. The research includes a detailed analysis of key segments, trends, drivers, constraints, the competitive landscape, and other important market variables. Road Safety Market To know about the Research Methodology :- Request Free Sample Report The report has covered the market trends from 2015 to forecast the market through 2027. 2020 is considered a base year however 2020’s numbers are on real output of the companies in the market. Special attention is given to 2020 and effect of lockdown on the demand and supply, and also the impact of lockdown for next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.

Road Safety Market Dynamics:

The increasing number of road accidents - According to the WHO Global Status Report on Road Safety 2019, 1.35 million people died in road traffic accidents in 2019, while 20–50 million people were wounded or handicapped. Road traffic injuries account for more than 90% of all deaths in low and middle-income nations. Pedestrians, cyclists, and motorcyclists are all at risk of being killed on the road. Road traffic injuries are currently the eighth greatest cause of mortality worldwide, affecting people of all ages, and are expected to rise to the seventh major cause of death by 2030. According to the data, road traffic deaths and injuries in low and middle-income nations are expected to cost up to 5% of GDP. Pedestrians, cyclists, and motorcyclists account for more than half of all global road traffic deaths, although they are still too often overlooked in road traffic system design in many nations. Africa has the highest death rate (26.6 per 100,000 people), whereas Europe's average rate of 9.3 per 100,000 people is significantly lower than the global average of 17.4 per 100,000 people. The newly approved 2030 Agenda for Sustainable Development has set an ambitious road safety goal of reducing the number of deaths and injuries caused by traffic accidents around the world. Road Safety Market 1 Lack of Uniform Technologies - Standardization of connected road safety technology is critical for their widespread adoption. The linked vehicle technology and connected infrastructure make up the road safety system. One of the challenges in deploying linked technology in automobiles and road infrastructure is price and connectivity availability. In terms of road safety solutions, there is a lack of standardisation and uniformity. The entire road safety system is made up of a variety of hardware and software components from multiple vendors. The specifications of cameras, radars, sensors, tags, and other devices vary by company and aren't always compatible with every underlying platform. Furthermore, different countries and regions have distinct communication, network, and protocol standards and protocols, limiting solution suppliers' ability to provide their services globally. Equipment purchased in Europe, for example, must work throughout Europe; equipment purchased in the United States must continue to work in Canada. Increase concern about personal information protection and privacy - Many positive developments have resulted from technological advancements. Cloud, internet, big data, and analytics are just a few of the technologies and platforms that have transformed numerous industries of application. Road safety is an example of a field that has evolved through time and is successfully integrating these technologies for V2V and V2I connectivity. Because of this connection, hackers can target any endpoint, gateway, sensor node, or network. Connected vehicles and connected road infrastructure will generate vast amounts of data in the road safety ecosystem. This information will be extremely valuable, and hackers will be able to quickly exploit it. This information could also be utilised to improve infrastructure for road safety, traffic management, and commercial purposes. Insurance companies, for example, can use the obtained data to assess risk, therefore data ownership must be established. Road Safety Market 2

Global Road Safety Market Segment Analysis:

The Road Safety Market is segmented into Solution and Service. Based on Solution, the market is sub-segmented into Red Light & Speed Enforcement, ANPR/ALPR Incident Detection & Response and Others. In 2020, Automatic Number/License Plate Recognition (ANPR/ALPR) had the biggest market share, accounting for more than 25% of total market revenue. The ANPR/ALPR segment's substantial revenue share is due to a variety of end use applications such as parking lots, road intersections, schools, and private land, among others. These solutions assist in the recovery of a car in the event of theft, criminal activity, or traffic offences. The systems are also noted for providing 24 hour monitoring, even in low light or adverse weather, which adds to their popularity. Apart from ANPR/ALPR, the market is divided into red light and speed enforcement, as well as incident detection and investigation. In 2020, the red light and speed enforcement segment accounted for more than half of global revenue. Over the forecast period, the segment is expected to grow at a CAGR of more than 10%. To enforce traffic discipline, these systems were traditionally built at road intersections or along roads. Companies began to focus on creating systems that offer speed and red-light monitoring functionality in a signal device as technology advanced. In 2020, these advancements in product design fuelled market growth, which is predicted to continue for the next seven years. For example, TraffiStar and Jenoptik offer combined speed monitoring and red light enforcement using high-resolution cameras. Road Safety Market 3 Based on Service, the market is sub-segmented into professional service and managed service. The managed road safety services segment is expected to grow at a rate of more than 9% for the forecast period. End-to-end management and control of these services are provided by dedicated suppliers, making them a popular choice among end clients. The segment's rapid rise can be attributed to clients' increased preference for service outsourcing. The ease of doing business and comfort of outsourcing services is major element driving global demand for managed services. The professional services area is the second largest leading segment in 2020, the segment accounted for more than 70% of total revenue, and by 2027. The equipment must be calibrated before it can be used, and it must be maintained and monitored on a regular basis.

Global Road Safety Market Regional Analysis –

With a revenue share of approximately 27% in 2020, Europe will lead the demand for road safety solutions. North America, on the other hand, is expected to overtake regional demand by 2027, followed by the Asia Pacific. Sales in Europe have been helped by state-of-the-art road infrastructure and strong technological penetration until 2020. With multiple businesses establishing a strong regional presence as well as a significant end customer base, the region will continue to contribute to total market demand. In 2020, North America accounted for one-fourth of total industry revenue. Over the forecast period, large-scale infrastructure projects and actions to improve safety in mobility services are expected to support regional growth. During the forecast period, Asia Pacific is expected to grow at a CAGR of over 12%, owing to infrastructural development and the desire to reduce traffic congestion and road deaths. The objective of the report is to present a comprehensive analysis of the global Road Safety Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global Road Safety Market dynamics, structure by analyzing the market segments and project the global Road Safety Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Road Safety Market make the report investor’s guide.

Global Road Safety Market Scope: Inquire before buying

Global Road Safety Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $ 2.88  Bn.
Forecast Period 2021 to 2027 CAGR: 7 % Market Size in 2027: US $ 6.53 Bn.
Segments Covered: by Solution • Red Light & Speed Enforcement • ANPR/ALPR • Incident Detection & Response • Others
by Service • Professional services • Managed services

Global Road Safety Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Global Road Safety Market Key Players

• Kapsch Traffic Com • Sensys Gatso Group • Redflex Holdings • Verra Mobility • IDEMIA • FLIR Systems • Motorola Solutions • SWARCO • Information Engineering Group Inc. • Cubic Corporation • Siemens • Conduent • VITRONIC • Kria • Laser Technology • Optotraffic • Syntell • Traffic Management Technologies • AABMATICA • Clearview Intelligence • Dahua Technology • Truvelo • Trifoil • Continental AG

Frequently Asked Questions:

1) What was the market size of Global Road Safety Market in 2020? Ans - Global Global Road Safety Market was worth US$ 2.88 Bn. in 2020. 2) What is the market segment of the Road Safety Market? Ans -The market segments are based on Service and Solution. 3) What is the forecast period considered for Global Road Safety Market? Ans -The forecast period for Global Road Safety Market is 2021 to 2027. 4) What is the market size of Global Road Safety Market markets in 2027? Ans – Global Road Safety Market is estimated as worth US$ 6.53 Bn. 5) Which region is dominated in Global Road Safety Market? Ans -In 2020, the Europe region dominated the Global Road Safety Market.
1. Global Road Safety Market : Research Methodology 2. Global Road Safety Market : Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Road Safety Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Road Safety Market : Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-17.6 Impact 4. Global Road Safety Market Segmentation 4.1. Global Road Safety Market ,by Solution (2020-2027) • Red Light & Speed Enforcement • ANPR/ALPR • Incident Detection & Response • Others 4.2. Global Road Safety Market ,by Service (2020-2027) • Professional services • Managed services 5. North America Road Safety Market (2020-2027) 5.1. North America Road Safety Market ,by Solution (2020-2027) • Red Light & Speed Enforcement • ANPR/ALPR • Incident Detection & Response • Others 5.2. North America Road Safety Market ,by Service (2020-2027) • Professional services • Managed services 5.3. North America Road Safety Market , by Country (2020-2027) • US • Canada • Mexico 6. European Road Safety Market (2020-2027) 6.1. European Road Safety Market ,by Solution (2020-2027) 6.2. European Road Safety Market , by Service (2020-2027) 6.3. European Road Safety Market , by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Road Safety Market (2020-2027) 7.1. Asia Pacific Road Safety Market ,by Solution (2020-2027) 7.2. Asia Pacific Road Safety Market , by Service (2020-2027) 7.3. Asia Pacific Road Safety Market , by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Road Safety Market (2020-2027) 8.1. Middle East and Africa Road Safety Market ,by Solution (2020-2027) 8.2. Middle East and Africa Road Safety Market , by Service (2020-2027) 8.3. Middle East and Africa Road Safety Market , by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Road Safety Market (2020-2027) 9.1. Latin America Road Safety Market ,by Solution (2020-2027) 9.2. Latin America Road Safety Market , by Service (2020-2027) 9.3. Latin America Road Safety Market , by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Continental AG 10.1.1. Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Kapsch Traffic Com 10.3. Sensys Gatso Group 10.4. Redflex Holdings 10.5. Verra Mobility 10.6. IDEMIA 10.7. FLIR Systems 10.8. Motorola Solutions 10.9. SWARCO 10.10. Information Engineering Group Inc. 10.11. Cubic Corporation 10.12. Siemens 10.13. Conduent 10.14. VITRONIC 10.15. Kria 10.16. Laser Technology 10.17. Optotraffic 10.18. Syntell 10.19. Traffic Management Technologies 10.20. AABMATICA 10.21. Clearview Intelligence 10.22. Dahua Technology 10.23. Truvelo 10.24. Trifoil

About This Report

Report ID 114563
Category Automotive and Transportation
Published Date July 2021
Updated Date Nov 2021
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